Question 1
What is meant by firms?
A.
Consumers, firms or government. B.
End users of a good/service. C.
Studies when agents fail to act rationally. D.
Businesses producing goods/services.
Question 2
What is meant by profit maximisation?
A.
Studies when agents fail to act rationally. B.
Satisfaction from one extra unit consumed. C.
Consumers, firms or government. D.
Assumed goal of firms.
Question 3
What is meant by trolley problem?
A.
Ethical dilemma testing utilitarian vs deontological choices. B.
Consumers, firms or government. C.
Studies when agents fail to act rationally. D.
Making a logical choice.
Question 4
What is meant by marginal utility?
A.
Simplifications needed to build models. B.
Satisfaction from one extra unit consumed. C.
End users of a good/service. D.
Studies when agents fail to act rationally.
Question 5
What is meant by utility?
A.
Studies when agents fail to act rationally. B.
Businesses producing goods/services. C.
Assumed goal of firms. D.
Satisfaction from consuming or producing.
Question 6
What is meant by assumptions?
A.
Consumers, firms or government. B.
Ethical dilemma testing utilitarian vs deontological choices. C.
Making a logical choice. D.
Simplifications needed to build models.
Question 7
What is meant by consumers?
A.
Simplifications needed to build models. B.
Consumers, firms or government. C.
Studies when agents fail to act rationally. D.
End users of a good/service.
Question 8
Firms are assumed to:
A.
Minimise utility B.
Maximise profit C.
Ignore costs D.
Only export
Question 9
Utility measures:
A.
Only price B.
Government spending C.
Tax revenue D.
Satisfaction from consumption
Question 10
What is meant by rational?
A.
Making a logical choice. B.
Simplifications needed to build models. C.
Satisfaction from one extra unit consumed. D.
Ethical dilemma testing utilitarian vs deontological choices.
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